Northern Dynasty shares plunge 55% on insider selling

[Redator]

Northern Dynasty Minerals (TSX: NDM) (NYSE-A: NAK) saw its biggest single-day share drop since 2020 on Thursday due to insider selling activity.

The company’s Toronto-listed shares plunged as much as 55% to C$1.41 before recovering to around C$2.24 by 1 p.m. Earlier in the day, trading of the stock was briefly halted as it nosedived. The company’s market capitalization stood at C$1.17 billion.

Its New York-listed shares followed a similar pattern, falling by more than 55% before paring losses.

The company has yet to respond to Mining.com’s request for comment. 

The drop comes after various insiders, including VP engineering Stephen Hodgson and chairman Robert Dickinson, sold shares during recent trading sessions.

With Thursday’s move, Northern Dynasty has now erased all gains from July 4, when the company announced it is in talks to settle its litigation with the US Environmental Protection Agency, which it said could help the regulatory approval of its flagship Pebble project in Alaska.

The Pebble project is touted as the world’s largest undeveloped copper and gold resource, with significant endowments of molybdenum, silver and rhenium. However, the proposed mine has been a source of contention for years due to its location near Bristol Bay, home to some of the world’s largest sockeye salmon fisheries.

Northern Dynasty’s stock has gradually rallied this year on optimism that the Trump administration might roll back the project’s regulatory hurdles.